Operational Failure definition
Operational Failure means any of the
Operational Failure means a Qualification Failure (other than an Employer Eligibility Failure) that arises solely from the failure to follow plan provisions. A failure to follow the terms of the plan providing for the satisfaction of the requirements of § 401(k) and § 401(m) is considered to be an Operational Failure. A plan does not have an Operational Failure to the extent the plan is permitted to be amended retroactively to reflect the plan's operations (e.g., pursuant to § 401(b)). In the situation where a Plan Sponsor timely adopted a good faith or interim amendment which is not a disqualifying provision as described in § 1.401(b)-1(b)(1), and the plan was not operated in accordance with the terms of such amendment, the plan is considered to have an Operational Failure.
Operational Failure means a Qualification Failure (other than an Employer Eligibility Failure) that arises solely from the failure to follow plan provisions. A failure to follow the terms of the plan providing for the satisfaction of the requirements of □ 401(k) and □ 401(m) is considered to be an Operational Failure. A plan does not have an Operational Failure to the extent the plan is permitted to be amended retroactively pursuant to □ 401(b) or another statutory provision to reflect the plan's operations. However, if within an applicable remedial amendment period under □ 401(b), a plan has been properly amended for statutory or regulatory changes and, on or after the later of the date the amendment is effective or is adopted, the amended provisions are not followed, then the plan is considered to have an Operational Failure.
Examples of Operational Failure in a sentence
In each case, the method described corrects the Operational Failure identified in the headings below.
Similarly, earnings adjustment methods generally should be applied consistently with respect to corrective contributions or allocations for a particular type of Operational Failure for a plan year.
In the case of any correction of an Operational Failure through plan amendment under SCP that is permitted under section 4.05(2) of this revenue procedure, a Plan Sponsor must submit a determination letter application for the plan, including the corrective plan amendment, by the end of the plan’s next on-cycle year, or if earlier, in connection with the plan’s termination.
Generally, where more than one correction method is available to correct a type of Operational Failure for a plan year (or where there are alternative ways to apply a correction method), the correction method (or one of the alternative ways to apply the correction method) should be applied consistently in correcting all Operational Failures of that type for that plan year.
The last day of the correction period for an Operational Failure is the last day of the second plan year following the plan year for which the failure occurred.
More Definitions of Operational Failure
Operational Failure means any explosions, breakage or accidents to machinery or lines of pipe that are not caused by the gross negligence or willful misconduct of Customer.
Operational Failure means any explosions, breakage or accidents to machinery or lines of pipe that are not caused by the gross negligence or willful misconduct of Shipper.
Operational Failure means any of the (i) A failure to satisfy the requirements of § 403(b)(12)(A)(ii) (relating to the availability of salary reduction contributions);
Operational Failure means failure of the Covered Equipment to operate due to operational, mechanical, electrical, or structural failure from defects in materials and/or workmanship as a result of normal wear and tear; or unintentional and accidental damage from handling as a result of normal use (“ADH”) for Covered Equipment; or the standard battery’s failure to hold an electrical charge in accordance with the applicable performance threshold for mobile phones only.
Operational Failure means a Qualification Failure that arises solely from the failure to follow plan provisions. A failure to follow the terms of the plan providing for the satisfaction of the requirements of § 401(k) and § 401(m) is considered to be an Operational Failure. A plan does not have an Operational Failure to the extent the plan is permitted to be amended retroactively pursuant to § 401(b) or another statutory provision to reflect the plan's operations. However, if within an applicable remedial amendment period under § 401(b), a plan has been properly amended for statutory or regulatory changes, and, on or after the later of the date the amendment is effective or is adopted, the amended provisions are not followed, then the plan is considered to have an Operational Failure.
Operational Failure means the suspension by Lonza of production of Product for more than […***…] consecutive days or […***…] non-consecutive days within a […***…] period due to the occurrence of a failure at the Facility or in the equipment used to manufacture Product (and where such failure is not attributable to […***…]. Operational Failure would include, without limitation, such a suspension by Lonza due to […***…].
Operational Failure. ’ means any failure or interruption (excluding any failure or interruption due to Force Majeure or which results from the gross negligence or wilful misconduct of EGPC or any of its contractors or agents) of the loading facilities, pipelines, tankage facilities, pumps or other plant equipment owned or operated by or on behalf of EGPC or any of EGPC’s agents or contractors that prevents or delays delivery of EGPC Products to the Issuer or to any other Person designated to receive delivery on behalf of the Issuer; provided, however that, in respect of EGPC Products falling to be delivered to the Issuer in any Delivery Month, an Operational Failure shall not be deemed to occur to the extent that EGPC makes delivery in such Delivery Month of products of the same type as the relevant EGPC Products to any Person other than the Issuer or a Person designated to receive delivery on behalf of the Issuer prior to the Issuer and EGPC agreeing on loading dates for the relevant EGPC Products.